May 14 (Bloomberg) -- Goldman Sachs Group Inc. named Valentino D. Carlotti, the former president of its bank in Brazil, to run a newly created client-focused group within the sales and trading division, according to an internal memo.
Carlotti, 46, will be based in New York and report to Enrico Gaglioti, who runs equity sales globally, and to Tom Cornacchia, the head of sales for fixed-income, currency and commodities in the Americas, according to the memo. Michael DuVally, a spokesman for New York-based Goldman Sachs, confirmed the memo’s contents.
Goldman Sachs, which generated 57 percent of its first-quarter revenue from sales and trading, is forming the so-called Institutional Client Group to “provide a central point of contact and relationship management for clients of the securities division,” according to the memo. ICG will be composed of salespeople with experience in multiple product areas and will coordinate with the executive office to ensure clients are getting appropriate service, according to the memo.
Goldman Sachs, the fifth-biggest U.S. bank by assets, reported last month that first-quarter profit fell 23 percent. Revenue from trading bonds, currencies and commodities lagged behind rivals JPMorgan Chase & Co. and Citigroup Inc. in the quarter.
Sao Paulo Office
Carlotti, who joined the firm in 1994 in investment banking, was later a salesman in equities who covered hedge funds and mutual funds, according to the memo. He has managed the Sao Paulo office for the last five years. Carlotti has been a managing director since 2001 and was promoted to partner in 2006, according to the memo.
In May 2011, Goldman Sachs named Alejandro Vollbrechthausen to replace Carlotti as president of the Brazilian unit and said Carlotti would remain in the region to oversee the transition before relocating to New York.
The memo was signed by Isabelle Ealet, Pablo J. Salame and Harvey M. Schwartz, the three co-heads of Goldman Sachs’s securities division, which oversees sales and trading.
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